Bitcoin prices hovered slightly below $40,000 on Friday. Following a volatile day trading, BTC’s price dropped to the lowest since Wednesday. Ethereum was also slightly higher than its support.
Bitcoin
Bitcoin continued to trade at high levels of uncertainty on Friday, following a volatile few sessions for the world’s largest cryptocurrency.
BTC/USD began the day in the $39300 area, but then fell to an intraday high of $48,347.43. This was later followed by an intraday low at $38,347.43.
At the time of writing bitcoin was slightly above the price it had at the beginning of the day and tracking at $39 447.64.
Price volatility has heightened in recent days following the news of U.S. President Joe Biden’s executive order, with the Russian invasion of Ukraine also creating uneasy market conditions for traders.
Looking at moving averages shows that the 10-day and 25 day moving averages continue to interact with each other, but don’t show any clear direction.
The support level of $37.600 is close enough that bears might continue to pursue this target.
Ethereum
Although ETH’s price was slightly lower on Friday than it was the previous week, the market traded close to its support level of $2,550 going into Saturday.
ETH dropped briefly below the support level, falling to an intraday low at $2,534.69. But as sessions have passed, this floor held steady and bounced back to a peak of $2,664.56.
Yesterday’s discussion highlighted the persistent bearish sentiment with ETH. Prices are refusing to leave the support region, which may eventually result in a breakout.
Should this happen, the $2,350 level could be a potential destination for bears looking to short the world’s second-largest cryptocurrency by market cap.
Is there a chance that we will finally experience a steady price movement this weekend? Comment below to share your views.
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